Contracts

Question 1

What are contract defenses?

Answer 1

Age - voidable
Mental - voidable
Mental (incompetent) - void
Duress - threats - voidable
Duress - physical force - void
Mistake:
 a) unilateral - computation - voidable
 b) unilateral - mistake - enforceable
 c) mutual mistake - enforceable
Misrepresentation - rescission/voidable
Fraud - voidable
Illegality - void

Question 2

What are the requirements for formation of a contract?

Answer 2

Offer
Acceptance
Consideration
No defenses

Question 3

What are the requirements of a valid offer?

Answer 3

Present Intent (price lists, bids, auctions, negotiations)
Definite terms
Communication of offer

Question 4

What is the counteroffer general rule?

Answer 4

A counteroffer made prior to acceptance is a form of rejection